Purpose ETF, the pioneer Bitcoin ETF, has increased its assets under management to $1 billion, according to Seeking Alpha.
The first-ever Bitcoin ETF fund was started to make the cryptocurrency mainstream. The Canadian exchange-traded fund’s CEO, Som Seif, said that the founding team’s intention was to fill the gap in the market.
The short time it took Purpose ETF to hit the $1 billion threshold proves the demand for a safe and convenient instrument of exposure to cryptocurrencies is up.
Bitcoin has set new all-time highs this year, reaching over $59,000 as of this writing. While it grew by more than 100% YTD, BTC has surpassed S&P 500 in performance by about 524% (see the chart below).
Being the only ETF to hold Bitcoin that is 100% physically settled, Purpose Investment inspires other organizations to file paperwork with the SEC. One of them is WisdomTree.
